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Ottavio Missoni, the patriarch and founder of the Missoni fashion house, passed away in his home in Sumirago, Italy on Thursday at 92 years of age.

He leaves behind his wife Rosita Missoni, as well as his children, Angela Missoni, who is the head designer of the house, Luca Missoni, the creative director, and several grandchildren.

His eldest son Vittorio Missoni, who went missing with his wife and companions during a flight to Venezuela back in January of this year, is still unaccounted for.

Ottavio began the family business in 1953, creating knitwear collections for various boutiques and stores in Italy, before launching the famous zigzag motif in 1962 and finally opening the first Missoni store in 1967.

Business has been booming ever since, with the latest Missoni for Target collaboration flying off shelves and causing the Target website to crash due to enormous demand.

Nonetheless, it's been a really tough year for the family, and they are in our thoughts during this truly difficult time.

Vittorio Missoni, the CEO of the family-run Missoni design empire, has been missing since Friday when a small plane carrying him, his wife, two of their friends as well as two pilots disappeared on its way to an airport in Venezuela.

Search and rescue missions launched by local authorities have so far been unsuccessful.